INSURANCE. Your Insurance. Understanding premiums and options to manage the cost. The real value of your insurance. Making sure it s up to date

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1 INSURANCE Your Insurance Understanding premiums and options to manage the cost The real value of your insurance Making sure it s up to date

2 Contents Understanding your health insurance Page 4 Now is a good time to look at your insurance Understanding your life and living insurances 10 Unique services for you 17 Your policy anniversary is an ideal time to look at your existing insurance cover to ensure it still meets your needs and budget. Also there may have been changes in your circumstances over the past 12 months that may warrant a change to your insurance cover. Maybe you have: About OnePath Life your trusted insurer 18 Had a baby or adopted Purchased a new home or investment property Had a relationship change Changed jobs Retired Increased or decreased your mortgage Started a new business This booklet includes general information designed to help you understand your own insurance needs, together with some useful information about premiums and managing affordability. If you have any more questions, please talk to your adviser or call us on i It s also a good opportunity to remind yourself of the real value of your insurance and to consider the potential impacts of not having it. Your policy may include a Life Events Benefit, which allows you to increase your insurance cover without the hassle of having to provide additional medical information if one of a number of lifestyle events occurs (including some of those listed above). 2 3

3 Understanding your health insurance Why do you need health insurance? Because you can t predict what health issues you may face in the future (and how this may affect your life). Health insurance provides you with the peace of mind of knowing you have financial protection and options should you experience a health issue. Can you afford not to have health insurance? Now is a good time to check in and consider the potential impacts a health problem could have on your life and remind yourself of the true value insurance provides. Key benefits of health insurance: 1. It provides access to a private hospital and the treatment of your choice. 2. There is no financial pressure because bills are taken care of. 3. It eliminates delays that you may experience in the public health system. 4. You are covered for unknown health issues that may arise in the future. Take the time to ask yourself the following questions. Ask yourself Things to think about The facts I m currently healthy (and have had no claims as yet), so what is the likelihood I will experience a health problem? Could I cope financially if I developed a serious health condition and couldn t work while I waited for treatment in the public health system? Couldn t I just pay for private treatment if I need to? Nobody likes to think they will have a health problem but the reality is that many of us will. Serious illnesses and accidents can happen to anyone, at any time. Treatment through the public health system often means you need to go on a waiting list. However, through health insurance, the same procedure can be undertaken in a private hospital in a matter of weeks. Waiting can mean a loss of income while you still have to cover ongoing daily expenses such as food, mortgage, power etc. Some people may have enough money to cover private treatment but for others it could mean borrowing, selling assets or dipping into savings. Even if you could cover the cost of a major treatment, could you cover more than one? 2 out of 5 males and 1 out of 4 females over the age of 30 will suffer a critical illness before they reach The most expensive cancers on average (haematological and lymphoid) cost $38, 834 over a six-year period. 2 Average weekly mortgage repayments are $357, and average weekly rent payments are $ Ill health and lack of health insurance is one of the four main causes of people going bankrupt.* Could you cover the cost to have one of the following procedures? 4 Total hysterectomy (surgery) $10,000 - $13,000 Prostate brachytherapy (cancer surgery) $21,000 - $25,000 Total hip replacement (surgery) $18,000 - $22,000 Radiation therapy (one course of treatment) $15,000 - $27,000 Cardiac bypass (heart surgery) $37,000 - $45,000 1 General Cologne Life Re Australia, Health Funds Association of New Zealand, Ministry of Health The price of cancer, statisticsnz.govt.nz Household Economic Survey (Income): Year ended June 2012 * Ministry of Economic Development Industry and Trustee Service Statistical Data Report

4 Health insurance premiums Why do they go up? There are a number of reasons why health insurance premiums increase. The four main factors that contribute to this increase are as follows: 1. As people age, their health needs become more complex and they are more likely to make a claim (see graph below) Healthcare is becoming more expensive as the underlying costs of treatment increase. This includes specialist and surgeon fees, operating theatre costs and hospitalisation care, recovery and ongoing care costs. A good example is hip replacement surgery, which in 2005 cost $13,000- $14,000 and in 2012 cost $18,000-$22, The increasing demand on our health system from an ageing population together with the availability of more treatment types puts continuous pressure on the public system. This means more people are choosing to go private. Variation in claims by age Average Claim for Age Group as Percentage of Total Average Claim (Sept 2012) 350% 300% Average Claim (%) 250% 200% 150% 100% 50% Age Group (Years) 2. Advances in medical technology mean there are more hi-tech diagnostic options, treatment choices, simpler procedures and quicker recovery times. This has led to more people using health services. A good example is keyhole surgery, which offers a wide variety of procedures not previously available, as well as a quick recovery time. 1 Health Funds Association of New Zealand As above 6 7

5 Managing the cost There are a number of options to keep your health insurance premiums in line with your budget without giving up your cover altogether. This includes: 1. Taking base plan only If you have any of the two optional add-ons on your policy (see below), then you could consider removing them to lower your premium. For example, you will save around 12% (on average) by removing the Medical Deluxe Benefit* and around 20-26% (on average) by removing the Specialist and Tests option. *All policies that started before November 2011 will include the Medical Deluxe Benefit as prior to this date it was included in the base plan. Specialist and Tests (optional) Pays for visits to specialist and any tests that your doctor and/or specialist recommends. Medical Deluxe Benefit (optional) Option to upgrade your health insurance to the maximum available cover. Provides cover for bariatric (weight loss) and breast reduction surgery, as well as cover for non-pharmac funded drugs. i 2. Increasing your excess Your policy may include an excess, which is the amount you contribute towards any claims. The higher the excess, the lower the premium you pay. For example, you will save (on average) around: 15% for a $250 excess 30% for a $500 excess 40% for a $1,000 excess 50% for a $2,000 excess 60% for a $5,000 excess If you alter or cancel your health insurance policy now and then reapply at a later stage (with OnePath Life or another health insurance provider), you will be assessed on your current state of health. This may result in higher premiums or exclusions to your policy. Take advantage of the Client Membership Benefits service to get some independent budgeting or financial advice. This service is free to all our customers, no questions asked. See page 17 for more information. Talk to your adviser for more information about these options, or contact us on Major Medical Cover base plan (mandatory) Comprehensive cover that pays for the treatment of non-acute medical conditions. This includes the medical costs or any surgical or non-surgical treatment in a private hospital for a non-acute medical condition up to $200,

6 Understanding your life and living insurances There are a number of insurance solutions that protect your life and lifestyle against illness, injury and death. These insurances are often referred to as life and living insurances and include Life Cover, Trauma Cover, Income Cover and Complete Disablement Cover. These days it is important to consider a combination of life and living insurances to ensure you are protected against any of life s many challenges that may come your way

7 Can you afford to not have life and living insurance? Take the time to ask yourself the following questions. Now is a good time to check in and consider the potential impacts an accident, illness or death can have on your quality of life, income and family. You may already have one or a number of the following covers in place but it is always good to remind yourself of why you have them and be reassured that you have made a smart choice to protect the things you value your life, lifestyle and income. Ask yourself Things to think about The facts If I was to die, would my family have enough money to support themselves for a period of time? If an accident or illness meant I was unable to work for a few months, do I have enough savings to pay for my day-to-day expenses power, food, mortgage repayments and transport? If I was diagnosed with a serious illness, would I have enough money to support my family while I receive treatment and recover? If an illness or injury meant I could never work again, would my family suffer financial hardship? Life Cover provides a lump-sum in the event of death or terminal illness. It could be used to repay debt, replace lost income or to become mortgage free. Income Cover provides a monthly payment so you can continue to meet your financial commitments. Trauma Cover provides a lump-sum payment if you experience a serious medical condition. You can use this to replace a lost income, or pay for medical treatment or any additional help you may need it s up to you. Complete Disablement Cover provides a lump-sum payment in the event you become completely disabled. It will give you the financial freedom to make your own decisions, whether it s seeking alternative treatment, replacing a lost income or paying for medical costs. 1 in 8 males and 1 in 12 females over the age of 30 will die before they reach Every 90 minutes a New Zealander dies from coronary heart disease. 2 The average weekly household expenditure in New Zealand is $1, % of injured people take longer than 3 months to return to work. 4 2 out of 5 males and 1 out of 4 females over the age of 30 will suffer a critical illness before they reach in 3 New Zealanders will have some experience with cancer, either personally or through a relative or friend. 6 3% of the adult population in New Zealand have a disability that requires a high level of support. 7 Disease or illness is the most common cause of disability in adults, followed by accidents or injuries. ACC does not pay out for diseases or illness. 8 1 Statistics NZ 2004, NZ Life Tables National Heart Foundation, Household Labour Force Survey: March 2012 quarter 4 ACC 2007/2008 Frequently requested facts & stats 5 General Cologne Life Re Australia New Zealand Ministry of Health, Cancer Programme, Statistics New Zealand, 2006 Disability Survey 8 Statistics New Zealand, 2006 Disability Survey 12 13

8 Managing affordability When it comes to your life and living insurance there may be ways to help you manage your premiums without giving up valuable cover. Below are some tips on potential options to manage your premiums: Smokers pay a higher premium, so if you ve been a non-smoker for 12 months or more you can ask us to lower your premiums. If you have a loading on your policy (this is where you may be paying extra due to health reasons) and believe your health has significantly improved, you can ask us to review your premium. There are a number of ways you can alter your individual cover types to reduce the cost. For example, you can reduce the amount of cover, increase a waiting period or remove additional benefits. Check with your adviser to find out which options are available to your specific cover. Talk to us if you get behind with your payments or if you ve been made redundant. We will work with you through tough times to help you keep your valuable cover. Take advantage of the Client Membership Benefits service to get some independent budgeting or financial advice. This service is free to all our customers, no questions asked. See page 17 for more information. Talk to your adviser about the options available to you or call us on i As your KiwiSaver or retirement savings balance grows, you may feel that you can reduce your level of life cover

9 Client Membership Benefits something for you The Client Membership Benefits service is a free and complimentary service, and it s available to you as a valued OnePath Life customer. We want to support you on your journey through life by providing additional support that may help to prevent a minor problem from becoming something major. This includes: budgeting advice career counselling anxiety counselling grief counselling small business advice and more. For more information talk to your adviser or visit our website onepath.co.nz/insurance. You can also call us on or us at 16 17

10 Why OnePath Life is your trusted insurer We ll be here when you need us Our claims philosophy puts you first We ve been paying claims for over 11 years and throughout this time we have remained committed to our philosophy to do what s right for our customers every time. That means we look for ways to pay claims not how to get out of paying claims. In 2012 OnePath Life paid over $43 million in claims. That s a lot of people who placed their trust in us. We know that you need to feel safe and secure about your financial decisions and, with our strong financial strength and commitment to our customers, you can trust us to be here when you need us. OnePath Life (NZ) Limited has an AA- insurer financial strength rating under the Insurance (Prudential Supervision) Act 2010 from Standard & Poor s (Australia) Pty Limited. Standard & Poor s rating scale is: AAA Extremely strong AA Very strong A Strong BBB Good BB Marginal B Weak CCC Very weak CC Extremely weak R Regulatory action Ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories

11 P3862 2/13 V2 OnePath Life (NZ) Limited 205 Wairau Road, Glenfield, Auckland 0627 Private Bag 92131, Victoria Street West, Auckland 1142 Toll Free T F onepath.co.nz 20

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